The bitcoin price has been steady throughout the week but is facing uncertainty because of the geopolitical situation between Russia and Ukraine. Plus, analysts predict tough days ahead due to the popular crypto’s volatility. BTC has settled in the $41,000 to $45,000 range after a low January.
According to data from TradingViews, bitcoin has hovered around the $44,000 support level. Traders and investors are hopeful for a sustained bullish breakout. Cryptocurrency analysts are keeping an eye on global issues like inflation and a potential war between Russia and Ukraine to the ongoing calls for crypto regulation.
Meanwhile, Glassnode analysis believes storm clouds are approaching the crypto market and headed towards bitcoin. It said on-chain supply dynamics are stable and there’s an indication that investors are prepared to overcome the storm. This shows continuous maturation of the BTC market as liquidity deepens. Moreover, there is the availability of more comprehensive risk management instruments. But historically, bitcoin markets have been highlighted for de-risking.
Plan B, a renowned Dutch analyst, believes bitcoin is headed for big gains. He said bitcoin is looking incredibly bullish. Twitter user and analyst Income Sharks says the present price of BTC is a bullish move from the previous \`$30,000 to $60,000. There is a very sharp V spike. But added that people are listening to too much to Crypto Twitter as price action is just “noise”. Credible Crypto highlighted strong moves, shallow pullbacks and continuation. He said a push up is very likely.